This impressive growth prediction, according to the researchers, is driven by increased global internet penetration, increased consumer awareness about advanced security systems, and higher reliance on mobile applications to make daily processes easier. Smart locks without power locks use Wifi or Bluetooth to connect to other home appliances installed. Locks can be operated by a special power cord or by installing a smart lock app on the phone.

Reliable and unique

The user can send temporary keys to people, giving them home access within a specified time. In addition, smart lock technology is easy to use and unique compared to conventional methods. For instance, security solutions with passwords, ID codes, machine keys, and code names are tedious to take care of and can potentially lead to theft or loss of data. Smart keys work on an IoT connection, which synchronises with the user's smartphone to gain control. This smart lock feature makes it reliable, unique, and easy to use and strengthens its market presence.

During the first couple of quarters of 2020, the Covid-19 pandemic slowed the pace of new smart lock installations. Drastic changes such as cross-border trade prohibitions, economic uncertainty, restrictive standards necessitating temporary shutdowns of industrial facilities, and stay-at-home orders for the general public produced a difficult situation for the industry. Nonetheless, measures such as embedding touchless technologies into their products, developing mobile apps for performing operations, and offering products at lower pricing on the available modes helped businesses increase their ROI during these essential lockdown instances.

Specific smart lock researcher highlights

• The deadbolt segment led the market with the largest revenue share of 42.7% in 2024, owing to its enhanced security features and easy integration into existing door systems.

• Based on application, the residential segment accounted for the largest market revenue share in 2024, owing to the increasing adoption of smart home ecosystems, rising awareness about home security, and the convenience of remote locking/unlocking.

• The Bluetooth segment accounted for the largest market share in 2024. Bluetooth-enabled smart locks are driven by their offline accessibility, low power consumption, and straightforward smartphone pairing.

• Based on authentication method, the smartphone-based segment accounted for the largest market revenue share in 2024.

Major players

Some of the key players in this market and also mentioned in the report include, August Home (Assa Abloy), Avent Security, Cansec Systems, Danalock, Dormakaba, Friday Home, Gate Labs, Havenlock, Honeywell International,  Kwikset (Assa Abloy), Remotelock, Mul-T-Lock (Assa Abloy), Nuki Home Solutions, Onity (Honeywell), Salto Systems, Schlage (Allegion), Sentrilock, Smartlock, Unikey Technologies, Yale (Assa Abloy), and Zigbang.